Updated almost 9 years ago on . Most recent reply
Multi-Year Rental Property Audit
I own two, two unit properties in two different states. I co-own both of these properties with a family member, but for the better part of the decade the management, along with the lion share of associated expenses, have fallen to me. While we maintain a checking account for each of the buildings for the receiving of rents, more often than not expenses have been paid out of my personal accounts. Years of this informal management have strained the relationship between myself and my family member, and I would like to order a multi-year financial audit of the two properties to clear the air and to wipe out any ambiguities in the books. I've posted before seeking an accountant to start the new year out right, but now that I'm hoping to dissolve the partnership, I believe it's best to conduct an audit of accounts as far back as possible for full transparency.
Are there accountants who conduct these types of audits? If so, what are costs and logistics associated with one? Have any other property owners conducted such an audit? If so, I would love to hear about your experiences.